Does Elon Musk (or CEO Linda) know about FedNow? (www.cnbc.com)

submitted 1 year ago* (last edited 1 year ago) by ShittyBeatlesFCPres@lemmy.world to c/technology@lemmy.world

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The Federal Reserve has already launched a small test of near-instantaneous financial transactions. Every time they talk about payments as a future feature of X/Twitter, I wonder if they know that’s getting Sherlocked.

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[-] bobs_monkey@lemm.ee 0 points 1 year ago* (last edited 1 year ago)

~~While it's cool and groovy the the Fed is finally seeing the light that crypto currencies have some merit, fat chance a US govt backed coin will be trusted to replace cash by the world at large (considering the USD being the world reserve currency).~~

Turns out I misread the entire thing, apologies.

[-] cyd@lemmy.world 0 points 1 year ago* (last edited 1 year ago)

FedNow isn't a cryptocurrency. It's a real-time funds clearing system, with a centralised ledger. It's not supposed to replace cash, but rather old school bank transfers that take days to clear.

You might be thinking about digital currencies which are something else the Fed is trialling and is not yet very far along.

[-] Kichae@kbin.social 1 points 1 year ago

Wait. Do... Do you guys not have e-transfers? Holy shit, this is why Venmo's a thing, isn't it?

this post was submitted on 23 Jul 2023

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